Thailand’s Finance Ministry has finalized the draft financial hub legislation, which includes 96 sections, and will present the proposed legislation to the cabinet in early February. The law would establish a One Stop Authority (OSA) committee with the power to issue and revoke licenses, as well as offer tax and non-tax incentives to businesses investing in Thailand’s financial hub. It also exempts the application of seven existing finance and insurance laws, including those governing financial institutions, payment systems, securities, and futures trading.
The draft act also aims to attract investment into eight sectors, including commercial banks, payment services, securities, futures exchanges, digital assets, insurance, reinsurance brokers, and financial-related businesses. These operators can collaborate with Thai companies to provide services under local laws, such as foreign exchange control and anti-speculation measures for the baht.
Deputy Finance Minister Paopoom Rojanasakul stated that the plan supports the government’s goal of positioning Thailand as a financial hub and boosting the country's competitiveness in the global financial market. He noted that the act would boost financial business development, connect the Thai financial system with CLMV countries, create jobs, and encourage skill and technology sharing for Thai workers.
